QED Naval Secures up to GBP 550,000 Fund

QED Naval received up to £550,000 financial backing from Kelvin Capital and the Scottish Investment Bank last month to support the continued development of the Subhub, the tidal turbine foundation structure.

QED Naval Secures up to GBP 550,000 Fund

This 1st tranche of money will allow QED Naval to conduct the tank testing of 2 models of increasing scale within the world class, FloWave TT facility. These experiments will allow them to validate the current Subhub design against 3 principle objectives that include:

  • Verification of the design process and tools;
  • Provide evidence of the performance claims increased power output and;
  • Define the limitations from extreme loading events from combined wave and tidal forces.

“We are confident that we can deliver a step change in deployment costs of tidal turbines offering improvements in power output, and hence revenue, as another benefit.”

“These funds will allow us to commercialise the Subhub in a strategic manner, to minimise the technical risks of the project providing confidence to the investors.”

“We are on course to deliver a community scale prototype delivering an array of tidal turbines to a test site, capable of producing a 150kW, equivalent to supplying power to over 120 homes, by 2016,” said Jeremy Smith, managing director of QED Naval.

 

Press Release, August 06, 2014; Image: qednaval

 

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